North Cowichan represents the sweet spot between Vancouver Island’s natural beauty and practical mortgage opportunities. This municipality encompasses Duncan, Chemainus, and Crofton — three distinct communities that share something valuable: steady demand from retirees and lifestyle seekers who’ve discovered what locals already know.
The numbers tell a compelling story. With nearly 32,000 residents and a median age of 51, North Cowichan attracts people who’ve moved beyond starter homes and rental properties. They’re buying with equity, often from mainland sales, and they’re staying. The 28.7% senior population isn’t just passing through — they’re putting down roots in a place where Zone 8b climate means gardening year-round and heating bills that don’t break the bank.
What makes North Cowichan different from other Island communities? It’s got economic legs beyond tourism. Healthcare employs nearly 15% of residents, retail another 13.5%, and construction rounds out the top three. This isn’t a resource town waiting for the next boom-bust cycle. It’s a place where people work, retire, and build equity steadily.
The housing market reflects this stability. Single-detached homes dominate at 62.5% of dwellings, perfect for the equity-based lending that defines our business model. These aren’t speculative condos or vacation properties — they’re homes where people live, which means they maintain them and fight for them if times get tough.
Chemainus brings its famous murals and tourist dollars. Duncan anchors the region with services and shopping. Crofton offers waterfront living without waterfront pricing. Together, they create a market where 65% LTV provides the safety margin we need while giving borrowers access to equity they can’t unlock elsewhere.
For brokers working with clients who’ve been turned down by traditional lenders, North Cowichan offers something rare: a community where people want to stay, properties hold value, and Tekamar can say yes when others can’t.
the Nearest Costco
Local Hospital
Our Mortgage Products Available in North Cowichan
| Mortgage Product Name | Max LTV | Key Notes for North Cowichan |
|---|---|---|
| Construction Mortgages | 65.0% | Standard product terms |
| Credit Repair and Debt Consolidation | 65.0% | Standard product terms |
| Variable Income | 65.0% | Standard product terms |
| Bare Land and Unique Properties | 65.0% | Standard product terms |
| Bridge Financing/Fully Open Term | 65.0% | Standard product terms |
| Equity Lending | 65.0% | Standard product terms |
| Purchases | 65.0% | Standard product terms |
Detailed Mortgage Product Information
Construction Mortgages
Maximum Loan-to-Value (LTV) for Construction Mortgages in North Cowichan:
65.0 %
“Wait, you’re a MIC that actually does construction?”
Here’s something that makes brokers do a double-take. Yes, we do construction mortgages. No, that’s not a typo.
But before you start sending us your client with the 580 credit score who wants to build their dream home, let’s be clear: these aren’t your typical MIC deals. We only do construction for bankable clients. People the banks would ...
Credit Repair and Debt Consolidation
Maximum Loan-to-Value (LTV) for Credit Repair and Debt Consolidation in North Cowichan:
65.0 %
“Their credit report reads like a horror novel, but the house was just renovated and is worth a lot…”
Here’s what happens when life takes a wrong turn. A bad business venture. Workplace Injury. That divorce that dragged on for two years. Suddenly your credit score looks like a batting average and the banks won’t even return your calls.
But here’s the thing – none of that changes what your ho...
Variable Income
Maximum Loan-to-Value (LTV) for Variable Income in North Cowichan:
65.0 %
“Their income is all over the map, but there’s definitely income…”
Here’s a funny thing about lending based on Line 15000 of your Notice of Assessment: It’s a neat little box to underwrite against. Works great if you’re a salaried employee. Not so great if you’re running a fishing charter in Campbell River where thres fishing season, and the rest of the year.
We get it. Income isn’t always ti...
Bare Land and Unique Properties
Maximum Loan-to-Value (LTV) for Bare Land and Unique Properties in North Cowichan:
65.0 %
“The appraisal came back as ‘property type: other’…”
Here’s a truth about real estate that nobody wants to admit: not everything fits in a box. Banks have boxes. Nice, tidy boxes labeled “single family home” and “condo” and “townhouse.” Their computer systems literally don’t have a dropdown menu option for “converted church with commercial kitchen” or “geodesic dome on 40 acres.”
We’ve funded...
Bridge Financing/Fully Open Term
Maximum Loan-to-Value (LTV) for Bridge Financing/Fully Open Term in North Cowichan:
65.0 %
“Subjects came off their current home last week but their new place closes Friday…”
Here’s a funny thing about bridge financing: everyone thinks it’s complicated. It’s not. Someone needs to close on their new house before their old house sells. Or their sale fell through after they removed subjects on their dream home. Or they found the perfect downsizer condo but haven’t listed the family hom...
Equity Lending
Maximum Loan-to-Value (LTV) for Equity Lending in North Cowichan:
65.0 %
“They have tons of equity but don’t qualify under B20…”
Here’s the thing about equity lending: it exists because banks literally can’t do it. B20 guidelines require income verification. Full stop. No wiggle room. No common sense exceptions.
We’re provincially regulated. The funds we lend on come from individual investors, not the Bank of Canada. So when your client has 50% equity but their in...
Purchases
Maximum Loan-to-Value (LTV) for Purchases in North Cowichan:
65.0 %
Moving is supposed to be exciting. New town, new job, new chapter. So why do banks act like you’re asking for their firstborn when you need a mortgage?
“You haven’t been at your new job for thre months”
“Your self-employment income doesn’t count in a new market.”
“We need to see established a year if you are part time contract - even if you’re working 40 hours under your new role”
Meanwhile...